taken many initiatives which will soon begin to produce the results we desire.
Our exports have sharply declined in recent months in East Pakistan, causing a drain on our foreign exchange reserves, which were already under severe strain. Collection of taxes has also suffered at a time when we need all the resources at our command, to preserve our national integrity and maintain the tempo of economic activity.
The government is taking various steps to meet the present difficult economic situation. These are not always pleasant decisions. We have to use our resources with much greater restraint. This involves hardship and sacrifices. But there is no alternative. This is the only realistic way for a nation to solve its economic problems.
Some weeks ago, I ordered a thorough revision of our import policy. All unessential items or those without which we could do for some time were banned even under the bonus scheme. Bonus vouchers thus released are to be used under the revised import policy for raw materials and other essential imports.
Maximum economy and austerity
In domestic spending also maximum economy is being exercised. For the next year we have prepared a modest development programme which would meet our immediate and unavoidable needs. The emphasis would be on rehabilitation of the economy, particularly in East Pakistan.
I want the country to make early progress towards self reliance. We must look increasingly towards our own-resources for meeting our national objectives. This requires maximum austerity in both public and private spending. The Government is making all necessary adjustments in economic policies with this objective. But these can succeed only with the enthusiastic support, of the people. Let us. as a nation. adopt a more austere way of life suited to our own stage of economic development and eschew every form of ostentatious consumption.
For many years now we have been receiving aid for our development programme from a number of aid-giving countries. This we thankfully acknowledge. I regret to have to say, however that lately there have been indications that foreign aid is, acquiring certain political overtones and the people of Pakistan are getting-the impression that strings are sought to be attached to such aid. If this be the case let me say it quite categorically that aid which seeks to make I roads into our sovereignty is not acceptable to us. We shall be fully prepared to do without it.
I am confident that the private sector would come forward to play an active role in developing Pakistan's own resources. Private investment financed from its own savings can play a major role in reviving the economy at the stage.
This is an hour of crisis for the nation. We need the same determination and resolute will which we which we showed on a number of previous occasions to safeguard the integrity of Pakistan against internal upheavals and external aggression. Each one of us has a duty to work hard and to rebuild the momentum of economic activity this is necessary to generate resources for economic development. Each worker in a factory and
